CARE Rating Agency has assigned CARE BBB+ (SO) [Triple B Plus (Structured Obligation)] rating to long term bank facilities-lease rental discounting for the amount of Rs 804 crore of Divyasree NSL Infrastructure Private Limited.
The ratings assigned to the bank facilities of Divyasree NSL Infrastructure Private Limited is based on the credit enhancement in the form of structured payment mechanism that entails operating Trust & Retention Account (TRA) and maintenance of Debt Service Reserve Account (DSRA). The ratings further takes in to account the experienced promoter, locational advantage, high occupancy rate of the existing properties, reputed client profile, lease expiry dates spread out along with in-built rent escalation clause in the lease agreements thereby providing a revenue visibility for long term and stable income & healthy probability reported over the years. The rating, however is constrained by client concentration on the Information Technology (IT) / Information Technology Enabled Services (ITES) segment, revenue and refinancing risk associated with ongoing capex in a timely manner are the key rating sensitivities.
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